Mega-cap firm valuations fall amid rising rates, tech earnings concerns

Most global mega-cap stocks continued their slide in October, hit by the rise in U.S. interest rates and lacklustre third-quarter earnings growth among some top U.S. tech firms.) market capitalization dropped nearly 6% to $1.56 trillion at the end of October, as its cloud business faced its slowest growth in 11 quarters, primarily due to reduced corporate spending on cloud-related services in response to the global economic slowdown.

Meanwhile, Saudi Arabian Oil Co’s market cap slumped nearly 5% to $2.1 trillion, affecting by ongoing conflict in the Middle East and a decline in oil prices. Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter.

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Global Mega-Cap Stocks Slide in OctoberMost global mega-cap stocks experienced a decline in October due to rising U.S. interest rates and lackluster earnings growth. Alphabet, Tesla, and Nvidia saw drops in market capitalization, while Microsoft's value increased. The slowdown in cloud business and reduced EV demand were among the factors affecting these stocks.
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Mega-cap firm valuations fall amid rising rates, tech earnings concernsGoogle parent Alphabet's market capitalization dropped nearly 6% to $1.56 trillion at the end of October, as its cloud business faced its slowest growth in...
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